## Description

Questions to answer are attached

Problem Set 4

Directions:

1. Solve the following problems. Hand write your solutions and explanations on your

own paper. Do not write answers on this page.

2. Show your work AND explain your reasoning using complete English sentences.

Explanations must directly follow the solution for each part of the problem.

3. You must write your name on the top right of the paper you turn in.

4. You must write the title of this problem set on the top of your paper.

5. Turn in your solutions following the directions in the assignment information on

Blackboard.

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## Explanation & Answer

Attached.

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Name:

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Lecturer:

Date:

Problem set 4

Question 1:

Miss Crystal Palace purchased a crystal for $650,000. She makes a 25% down payment and

finances the balance with a Mortgage at an interest rate of 5.6% for 15 years, making monthly

payments.

a) The amount she pays as the down payment:

The amount she has to pay using the mortgage is:

Therefore, the amount she borrows is

b) Amortization table for the first two payments.

Let

Therefore, the monthly payment will be:

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